UK tops global property tax league as companies brace for huge business rate hikes

Stay up to date with notifications from The IndependentNotifications can be managed in browser preferences.Jump to contentThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged inAllNewsSportCultureLifestyleA report by global tax firm Ryan reveals that the UK holds the top global position for property taxes as a share of its Gross Domestic Product (GDP), indicating the highest commercial property tax burden among major economies. The findings coincide with thousands of UK companies preparing for significant increases in their business rate payments for the upcoming year, following the revaluation of business rates across England, Wales, and Scotland. Experts suggest that this exceptionally high tax burden could negatively impact investment plans for UK firms, particularly those reliant on physical assets and long-term capital, as property is taxed more heavily than in any other comparable economy. Business rates receipts are projected to rise from £33.6 billion to £37.1 billion by the 2026/27 financial year, driven by inflation-linked increases, policy changes, and the withdrawal of pandemic-era reliefs. While the Government has announced targeted business rates support for specific sectors like pubs and music venues, other industries, such as hotels, have expressed concerns over anticipated rises in their property tax bills. In fullThe UK has highest property tax burden of any major economy: ‘Not a marginal difference’Thank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in

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